News Release

Jul. 28, 2025: JCR Upgraded Long-term Issuer Rating on Chuo-Nitttochi Group to A/Stable; Assigned Preliminary A to Shelf; JCR Affirmed BBB+/Stable and J-2 on Daiei Real Estate & Development; JCR Affirmed BBB+/Stable Long-term Issuer Rating on TOWA BANK; JCR Affirmed BBB/Stable Long-term Issuer Rating on Minami-Nippon Bank; JCR Affirmed BB+/Stable Long-term Issuer Rating on YAMADA SERVICER SYNTHETIC OFFICE; JCR Affirmed S3 Special Servicer Rating on YAMADA SERVICER SYNTHETIC OFFICE; GLP J-REIT: Post-issuance Verification Report on Sustainability Linked Bond

Jul. 25, 2025: JCR Affirmed A-/Stable Long-term Issuer Rating on SIIX; JCR Affirmed A-/Stable and J-1 on Central Glass; JCR Affirmed AAA/Stable (FC/LC) on Canada; JCR Affirmed AAA/Stable FC Long-term Issuer Rating on Quebec; JCR Assigned A- Rating to Bonds of Kawasaki Kisen; JCR Assigned A- Rating to Bonds of TOKYO ENERGY & SYSTEMS; JCR Assigned AA Rating to Bonds of Marubeni; JCR Assigned A Rating to SPIRE SA Series 2025-386; JCR Assigned AA- to Ascent Finance Limited Series 2025-1024; Nochu JAML REIT Investment Corporation: Assigned Green Loan Framework Evaluation: Green 1(F); Fukuda Real Estate, The Nanto Bank: Second Opinion on Positive Impact Finance; Oishi, The Nanto Bank: Second Opinion on Positive Impact Finance

Jul. 24, 2025: JCR Affirmed BBB+ Long-term Issuer Rating on ISHIHARA SANGYO; Revised Outlook to Positive; JCR Affirmed BBB+/Stable Long-term Issuer Rating on TOMATO BANK; JCR Assigned AA- Rating to Bonds of Credit Saison; JCR Affirmed AA- on Commitment Line of PASMO

Jul. 23, 2025: JCR Affirmed Ap/Stable Long-term Issuer Rating on artience; JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Acciona and BBB+ on Bonds of Acciona Financiacion Filiales; JCR Affirmed BBB+/Stable Long-term Issuer Rating on FUJIKURA KASEI; JCR Affirmed A/Stable Long-term Issuer Rating on LIFE CORPORATION; JCR Assigned A- Rating to Bonds of Rakuten Group; JCR Assigned AA to Libra A Limited Series C116

Jul. 22, 2025: JCR Affirmed A-/Stable FC Long-term Issuer Rating on Security Bank; JCR Affirmed AAA/Stable FC Long-term Issuer Rating on Tokio Marine Funding Solutions PIC; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-07

Jul. 18, 2025: JCR Upgraded Rating on MITSUI E&S to BBB+/Stable; Affirmed J-2; JCR Affirmed A-/Stable FC Long-term Issuer Rating on True Corporation; JCR Affirmed A-/Stable (FC) and A+/Stable (LC) on Mexico; JCR Affirmed A+/Stable Long-term Issuer Rating on Healthcare & Medical Investment Corporation; JCR Assigned A+ Rating to Bonds of ES-CON JAPAN; JCR Assigned AA Rating to Bonds of Suntory HD; JCR Assigned A Rating to Bonds of SENKO Group HD; JCR Assigned BBB Rating to Subordinated Bonds of NIPRO; JCR Assigned A- Rating to Bonds of VALOR HD; JCR Assigned A+ Rating to Bonds of Pan Pacific International HD; JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Mizuho Financial Group; JCR Assigned A+ Rating to Bonds of One REIT; JCR Assigned Preliminary AA- Rating to Shelf Registration of Concordia Financial Group; JCR Assigned A+ Rating to Jointly Operated Designated Money Trust N1 (2 years)

Jul. 17, 2025: JCR Assigned BBB/Stable and J-2 to Hirose Tusyo; JCR Upgraded Long-term Issuer Rating on HOSOKAWA MICRON to A-/Stable; JCR Affirmed AA+/Stable Long-term Issuer Rating on DAIKIN INDUSTRIES; Nagano Prefecture: Second Party Opinion on Sustainability Linked Loan Framework; The Hachijuni Bank: Second Party Opinion on Sustainability Linked Loan Framework; Mikado Kagaku Sangyo, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jul. 16, 2025: JCR Assigned AA-/Stable Long-term Issuer Rating to CRE; JCR Upgraded Long-term Issuer Rating on Takara Leben Real Estate Investment Corporation to A+/Stable; JCR Affirmed AA-/Stable and J-1+ on Takeda Pharmaceutical; JCR Affirmed A+/Stable and J-1 on Yokohama Rubber; JCR Assigned AAA Rating to Bonds of West Nippon Expressway

Jul. 15, 2025: JCR Assigned A+/Stable Long-term Issuer Rating to Africa Finance Corporation; JCR Affirmed A- and J-1 on NIPPON STEEL KOWA REAL ESTATE; Revised Outlook to Positive; Change in CP Maximum Amount; JCR's Rating Review of Money Market Brokers; JCR Affirmed A/Stable and J-1 on Central Tanshi; JCR Affirmed A/Stable and J-1 on Tokyo Tanshi; JCR Affirmed A/Stable and J-1 on Ueda Yagi Tanshi; JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka REIT Corporation; JCR Assigned AA Rating to Bonds of Keio; JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group; Japan: Assigned Climate Transition Bond Evaluation: Green 1(T); Canadian Solar Infrastructure Fund: Reviewed Green Finance Framework Evaluation: Green 1(F); Eiwa Sangyou, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jul. 14, 2025: JCR Affirmed A+ Long-term Issuer Rating on CRE Logistics REIT; Revised Outlook to Positive; JCR Affirmed A+/Stable Long-term Issuer Rating on Nishi-Nippon Railroad; JCR Affirmed A+/Stable and J-1 on LINTEC; JCR Affirmed BBB+/Stable (FC) and A-/Stable (LC) on Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara; JCR Affirmed AAAp/Stable Long-term Issuer Rating on European Bank for Reconstruction and Development; JCR Affirmed AA/Stable Long-term Issuer Rating on AEON REIT Investment Corporation; JCR Assigned A+ Rating to SPIRE SA Series 2025-352; JCR Assigned AA- to Sylph Limited Series 60231; JCR Affirmed A (fp) Fund Portfolio Rating on Renewable Trust

Jul. 11, 2025: JCR Affirmed A-/Stable Long-term Issuer Rating on IMPERIAL HOTEL; JCR Affirmed A/Stable and J-1 on Mitsui Mining and Smelting; JCR Affirmed AA-/Stable Long-term Issuer Rating on San-in Godo Bank; JCR Affirmed A+/Stable (FC) on NatWest Group and AA-/Stable (FC) on National Westminster Bank and NatWest Market; JCR's Rating Review of Five Expressway Companies
JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Assigned A Rating to Bonds of UBE; JCR Assigned Preliminary A Rating to Shelf Registration of Sumitomo Osaka Cement; JCR Assigned Preliminary A+ Rating to Shelf Registration of NSK; Flowering, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jul. 10, 2025: Establishment of JCR Sustaiable Deposit Methodology; JCR Upgraded Long-term Issuer Rating on ROYAL HD to BBB+/Stable; JCR Upgraded Long-term Issuer Rating on TOBU RAILWAY to A+/Stable; Assigned Preliminary A+ to Shelf Registration; JCR Affirmed A+ Long-term Issuer Rating on Keisei Electric Railway; Revised Outlook to Stable; JCR Affirmed AA/Stable Long-term Issuer Rating on Tokyo Waterfront Area Rapid Transit; JCR Affirmed A-/Stable and J-1 on UACJ; JCR Assigned A- Rating to Bonds of Kintetsu Group HD; JCR Assigned A+ Rating to Bonds of THK; JCR Assigned A+ Rating to Bonds of JGC HD; JCR Assigned AA- Rating to Bonds of LY Corporation; JCR Assigned Preliminary AA- Rating to Shelf Registration of ACOM; JCR Assigned AA- Rating to Bonds of Mizuho Leasing

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News